Home OwnershipMarket Updates April 26, 2023

Millennials and the Housing Market

Did you know that 53% of Millennials are still renting because they’re waiting for home prices to come down.  This figure is about the same percentage of renter households in Bellingham! But here’s the thing: the most recent data shows that home prices appear to have bottomed out and are now on the rise again.
As the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June. And you’ve likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on buying a home until prices drop significantly. But that’s not the best strategy. U.S. home prices rose by 0.8% in February… indicating that prices in most markets have already bottomed out.

Bottom Line
If you’re waiting to buy a home until prices come down, you may want to reconsider. Make sure you are working with a broker to help you understand what’s happening in your local housing market!!!